Monetarism, Microfoundations and the Theory of Monetary Policy

David Laidler

Chapter 2 in Monetary Theory and Monetary Policy, 1993, pp 21-42 from Palgrave Macmillan

Abstract: Abstract The originators of new economic ideas seldom see them work out as they intended. Once published, they become common property and evolve in the most unexpected ways. This proposition might, upon close inspection, turn out to be something of an over-generalisation, but it is surely true of that bundle of ideas commonly known as ‘monetarism’. Such commentators as Brunner and Meltzer (1987) and Leijonhufvud (1987) have noted, with alarm in the former case, and amusement in the second, the way in which a doctrine whose slogan was ‘money matters (and matters a great deal)’ has during the 1980s seemingly inexorably evolved into one in which money is to all intents and purposes irrelevant. This evolution ought to cause considerable concern to those interested in practical matters of economic policy.

Keywords: Monetary Policy; Fiscal Policy; Money Supply; Rational Expectation; Phillips Curve (search for similar items in EconPapers)
Date: 1993
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Working Paper: MONETARISM, MICROFOUNDATIONS AND THE THEORY OF MONETARY POLICY (1988)
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DOI: 10.1007/978-1-349-23096-9_3

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